THE WHAT? LG Household & Health Care is pinning its hopes for future growth on the North American market, according to a report published by Nikkei Asia. As the K-beauty behemoth’s new leadership team settles in, the manufacturer of O Hui is said to be pivoting away from China.
THE DETAILS New CEO Lee Jung-ae has identified the United States as the company’s next growth market. What’s more LG H&H has been building its presence in the region over the last three years with high profile acquisitions of New Avon, Boinca and The Crème Shop, Nikkei Asia reports.
THE WHY? With anti-Korean sentiment building and homegrown C-beauty brands gaining ground in China even before the extended Covid restrictions hit manufacturers and closed stores, LG H&H sales have taken a hit of late, dropping 11 percent to KRW7.19 trillion last year.
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